Countries with the Euro as currency

Official members
There are Xii members in the eurozone: Austria, Belgium, Finland, France (except pacific territories using CFP franc), Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain.

A European Central Bank is responsible for a pecuniary policy inside the eurozone.

Nations with formal agreements with the EU
Monaco, San Marino, and Vatican City also use a euro, although it is non officially euro members nor members of the EU. (It antecedently utilized currencies that were replaced per euro.) It at present mint their have coins, by having their have national symbols on the reverse. These countries apply a euro by virtue of [http://europa.eu.int/scadplus/leg/en/lvb/l25040.htm agreements] assibilate using EU member states (Italy in the case of San Marino & Vatican City, France in the case of Monaco), on behalf of the European Community.

Nations without formal agreements with the EU
Andorra does not use at times an official currency & hence there are no specific euro coins. It antecedently utilized a French franc and Spanish peseta as de facto legal tender currency. There has never been the pecuniary arrangement using either Spain or France; however, a EU & Andorra come presently inside negotiations on a official status of the Euro inside Andorra. Based on data from Andorran officials, Andorra might mint its have Euro coins first within 2006.

Also, Montenegro and Kosovo, which used to use a German mark as their de facto currency, alsoh adopted a euro while forgoing by having entered into any legal arrangements with a EU explicitly allowing the children to clean so. It have a euro instead of the Serbian dinar, mainly for political reasons.

When of 1 December 2002, North Korea has replaced the US dollar with the euro when its official currency for international futures trading. (Its internal currency, a won, is not convertible and thus can't become utilized to choose foreign goods.) A euro besides enjoys popularity domestically, especially among resident foreigners.

Other nations

Non-Eurozone EU countries
A more Long dozen countries of a European Union that don't utilize the euro come: Denmark, Sweden, the United Kingdom, and a 10 member states that joined a Uniin on 1 May 2004; namely Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, and Slovenia.

Denmark and the United Kingdom got special derogations in the original Maastricht Treaty of the European Union. Each countries are non legally expected to join a euro unless their governments decide otherwise, either by parliamentary vote or referendum.

A x fresh member states should exist when adopting a euro when soon as appropriate guidelines come met. For these freshly member states, a individual currency was "part of the package" of European Union membership – unlike a UK & Denmark, no "opt out" permitted. Sweden besides has there is there is no opt-out, however its government has mass produced no moves towards fufilling criteria for joining.

A dates these 10 states come potential to enter a third stage of the EMU and adopt the euro change: 2007 for Cyprus, Lithuania, and Slovenia; 2008 for Estonia, Malta, and Slovakia, 2009 for Poland and Latvia and finally 2010 for the Czech Republic and Hungary.

Showing a ability to move towards to the full economic & pecuniary union is 1 necessary of "good membership". A ECB & European Commission produce reports every 2 years analysing a economic & more conditions of nin-Eurozone EU members, coverage on their suitableness for joining a euro. A foremost to include a Ten newly members was promulgated within October 2004 [http://www.ecb.int/pub/convergence/html/index.en.html].

Inside ERM II
When of 1 May 2004, the x National Central Banks (NCBs) of the member countries are person to the 2nd European Exchange Rate Mechanism (ERM II) [http://www.centralbank.gov.cy/nqcontent.cfm?a_id=1970&lang=en].

In 28 June 2004, Estonia, Lithuania and Slovenia joined Denmark in the mechanism.

In Two Will, 2005 Cyprus, Latvia and Malta joined in the mechanism.

;Cyprus A Cyprus pound entered a ERM II in Might Two, 2005.

;Denmark A Danish krone entered a ERM II within 1999, whilst a euro was created. Since so, it floats against a euro within ±2.25% range.

Around Denmark the referendum in joining the euro was held on September 28, 2000, resulting around the 53.2% vote against joining. These are uncertain whenever the freshly referendum is held in the close first.

Note: should Denmark join a euro, Greenland, which is not the share of the EU, however of Denmark, would keep around to hang on to a separate referendum to decide whether it wants to switch to the euro. A effect of this possibility is uncertain, when todays trends seem to favour independence from either Denmark.

;Estonia Estonia also pegged its currency to a German Mark, and then the euro. Recently, a kroon entered a ERM II agreement.

;Latvia Latvia joined the ERM II in Can Two, 2005. Latvithe has a currency board arrangement whose anchor switched from a SDR to the euro on January First, 2005. A todays latisimus dorsi fluctuation margin is ±1% against a euro.

;Lithuania A Lithuanian litas (LTL) was pegged to the US dollar until February 2, 2002. whilst it switched to the euro peg. A united states recently entered a ERM II agreement.

;Malta Malta joined a ERM II in Will Two, 2005.

;Slovenia Slovenia entered a ERM II agreement, & a tolar floats in the ±15%* range (One eur = 239.64 sit) against a euro.

Note(*): from either starting ERM II it floated in the range of ±1%.

Outside ERM II

;Czech Republic

;Hungary

;Poland

;Slovakia

;Sweden Sweden does not use at times any derogation by any protocol or even accord. Yet, Sweden decided around 1997 does'nt to join the euro from either a beginning, & has non manufactured any effort to fulfill a needed criteria for a stable rate of exchange.

A consultatory national referendum on September 14, 2003, resulted in a rejection of adopting a Euro, by having the resulting numbers: Yes 42.0%, There is no 55.9%. Consequently, a guide hwhen been postponed for at least nine years, as Prime Minister Göran Persson wants the resolutions of the referendum to exist as respected until at least 2012.

;United Kingdom

A British government under prime minister Tony Blair has committed itself to a triple-approval procedure prior to joining a euro, involving approval per Cabinet, Parliament, and the British electorate around a referendum.

Unlike sir thomwhen more European countries, within which a euro is seen mostly as an requirement building prevent in a more politically integrated Europe, in the United Kingdom the imaginable advantages of eurozone membership come seen mostly as mainly economic, & an assessment of British membership according to five economic tests was published on June 9, 2003 by Chancellor of the Exchequer Gordon Brown.

Though maintaining the food and drug administration's caring watch on a euro, a report come out against membership for the time being, because of the fact that foursome away from the 5 tests were non passed.

Chancellor 'last stated [http://politics.guardian.co.uk/Print/0,3858,4687429,00.html] in June 2003 that a better rate of exchange for a UK to join the individual currency would become around 73 pence per euro (a value which a pair got never reached). This rate has non been formalised as an official trouble of entry.

Public opinion poll [http://www.mori.com/europe/mori-euro-ref.shtml] in a UK indicate the uniform majority of the British public to exist as against joining the euro. A select few perceive loss of political & economic sovereignty, others come unconvinced of the outbreak for vary from either their familiar currency. The referendum in the close new has been ruled out until at least fallowing next general election.

Whenever Britaaround were to join a euro, these are unreadable what would happen in its overseas territories which utilise a British Pound Sterling. These are conceivable that a euro would merely get a official currency inside victims regions which technically have a currency identified per code GBP (i personally.e., Awesome Britain & Northern Irel&, South Georgithe and a South Sandwich Islands), patch a regions utilizing their have currencies by having a fixed rate of exchange of Single : Single to the Quid can keep their currencies using a fixed rate to the euro. People regions would exist as a Falkland Islands (Falkland Islands pound - FKP), a Isle of Human (Isle of Man pound), Jersey (Jersey pound), Guernsey (Guernsey pound - GGP), Gibraltar (Gibraltar pound - GIP), and Saint Helena (Saint Helenian pound - SHP). France faced a similar situatiin on joining solved by areas which utilized the French Franc directly (eg. French Guiana) switch to a Euro, & regions which utilized locally issued Francs, pegged to the French Franc, maintaining local currencies however switching thier pegs to the Euro (eg the CFP franc).

Non-EU currencies pegged to the euro
Independent article: Currencies related to the euro

Inside 1999 a Bulgarian currency was redenominated (1 Just released Lev = G Old Levs) & a value of the lev was fixed to one German mark, therefore its value has since been fixed within relation to the euro.

Although Bulgaria is not the member state however (member when of January 1 2007), the Bulgarian National Bank (BNB) and a Bulgarian government develop agreed on the introduction of the euro inside mid 2009, when a Bulgarian National Bank is expected to turn into section of the eurozone & might receive the right to issue Bulgarian Euro coins. A early accession to the eurozone is due to the highly pinching pecuniary policy presently inside have, which is the effect of Bulgaria's agreement by having a Monetary Board. Potentially at this point of instance Bulgaria has fulfilled the dandy majority of eurozone membership critiria.

Cape Verde's currency was pegged to the Portuguese escudo, and okay, a euro. Bosnia and Herzegovina's currency, the Convertible Mark, was pegged to a German mark (and nowadays the Euro). A CFA, Comorian and CFP francs, used within previous French colonies, were pegged to a French franc, & okay, the euro.

Inflation
mid 1999: 1% mid 2000: 2% mid 2001: Two.8% mid 2002: Single.9% mid 2003: One.9% Could 2004: Two.5% Will 2005: Ace.9%

Fiscal policy
For their reciprocal assurance & stability of a currency, members of the Eurozone stand to respect the Stability and Growth Pact, which sets agreed restricts in deficits & national debt, by having associated sanctions for deviation. [See that article for details].